NEW
YORK, July 25, 2024 /PRNewswire/ -- The global
steam turbine market size is estimated to grow by USD 3884.4 mn from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 4.19%
during the forecast period. Growing demand for power generation is
driving market growth, with a trend towards increasing focus on
renewable energy. However, several problems associated with steam
turbines poses a challenge. Key market players include ALSTOM
SA, Baker Hughes Co., Dongfang Electric Corp. Ltd., Doosan Corp.,
Downer EDI Ltd., Ebara Corp., General Electric Co., Hangzhou Steam
Turbine Power Group Co. Ltd., Harbin Turbine Co. Ltd., Heinzmann
GmbH and Co. KG, Howden Group Ltd., Mitsubishi Heavy Industries
Ltd., Moog Inc., Nanjing Turbine and Electric Machinery Group Co.
Ltd., Porsche Automobil Holding SE, Shandong Qingneng Power Co.
Ltd., Shanghai Electric Group Co., Siemens AG, Sumitomo Heavy
Industries Ltd., and Triveni Engineering and Industries Ltd..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Steam Turbine Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.19%
|
Market growth
2024-2028
|
USD 3884.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.3
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 71%
|
Key
countries
|
China, US, India,
Japan, and South Korea
|
Key companies
profiled
|
ALSTOM SA, Baker Hughes
Co., Dongfang Electric Corp. Ltd., Doosan Corp., Downer EDI Ltd.,
Ebara Corp., General Electric Co., Hangzhou Steam Turbine Power
Group Co. Ltd., Harbin Turbine Co. Ltd., Heinzmann GmbH and Co. KG,
Howden Group Ltd., Mitsubishi Heavy Industries Ltd., Moog Inc.,
Nanjing Turbine and Electric Machinery Group Co. Ltd., Porsche
Automobil Holding SE, Shandong Qingneng Power Co. Ltd., Shanghai
Electric Group Co., Siemens AG, Sumitomo Heavy Industries Ltd., and
Triveni Engineering and Industries Ltd.
|
Market Driver
The steam turbine market is experiencing growth due to the
increasing focus on renewable energy sources. Steam turbines play a
crucial role in thermal-based renewable energy production, such as
concentrated solar power, geothermal, biomass, and waste-to-energy
power plants. Renewable energy, also known as clean energy,
provides reliable power sources and fuel diversity, enhancing
energy security and reducing the risk of fuel spills. India, for instance, has an installed
renewable energy capacity of 152.36 GW as of January 2022, accounting for 38.56% of all
installed power capacity. Power production from renewable energy
sources increased from 11.51 BU in January
2021 to 13.15 BU in January
2022. As the emphasis on renewable energy continues to grow,
the global steam turbine market is anticipated to expand during the
forecast period. Steam turbines are a clean energy source that
generates electricity with minimal environmental impact, making
them a desirable solution for renewable energy
applications.
The Steam Turbine Market is witnessing notable trends in various
sectors, including petrochemicals, biomass, concentrated solar
power, and renewable energy technologies. Small steam turbines are
gaining popularity in power utilities and industrial segments for
on-site power generation and self-generation. Electrical power
generation from steam turbines is also being adopted by high-energy
industrial users in the chemical, sugar, and refining industries
for power and heat production. Fossil fuels like coal and natural
gas continue to dominate the steam turbine market, but renewable
energy resources are rapidly growing. Combined-cycle plants and gas
turbines are also key players in the market. The International
Energy Agency reports that global energy consumption is increasing,
driving demand for steam turbines in electrical power facilities.
Nuclear steam turbines are used in nuclear power plants for
electricity generation. Steam turbines convert mechanical energy
from rotational motion into electrical power, making them essential
for industrial processes and utility-scale power generation.
Boilers, fuel, hot water, steam, and heat exchangers are crucial
components in steam turbine systems.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- Steam turbines are essential components in industrial settings,
converting thermal energy into mechanical energy for electricity
production. However, these complex machines require specialized
maintenance due to their numerous moving parts. Neglecting
maintenance can lead to several issues, including blade damage,
excessive vibrations, overheating, and steam leakage. Blade damage
is a significant concern as turbine blades, responsible for
transforming thermal energy into mechanical energy, are susceptible
to wear and tear due to their active role within the machine.
Corrosion, heat, and poor maintenance can cause these components to
break down. Excessive vibrations can also pose a problem, with the
machine trembling due to the spinning motion of the turbine blades.
While some vibration is normal, excessive movement can lead to
internal mechanisms wearing out and damaging bearings, causing
instability. Overheating is another concern as steam turbines rely
on a constant heat source to produce steam. While necessary for
operation, overheating can lead to drive shaft warping, reducing
efficiency and potentially endangering operator safety. Lastly,
steam leakage through cracks and faulty parts can occur due to
excessive vibrations, heat, and aging. Loose seal rings can cause
steam to seep out, reducing efficiency and potentially leading to
safety hazards. These issues can pose significant challenges to the
growth of the global steam turbine market during the forecast
period.
- The Steam Turbine Market faces challenges from various fronts,
including efficiency and emissions standards. Steam engines used in
locomotives and thermal power projects must meet these regulations
to minimize energy waste and reduce carbon emissions. Coal-fired
power generation is under pressure due to renewable technologies,
leading to increased investment in cogeneration and combined
cycle segment. Energy optimization is crucial for power generation
industries, with electricity demand growing due to urbanization and
industrialization. Magnetic fields and electric current in steam
turbines convert potential energy into kinetic energy, making them
essential mechanical devices in power plants. Supply chain
disruptions due to gas prices and logistic issues pose challenges.
The chemical, pharmaceutical, and waste material sectors rely on
steam turbines for their industrial applications. Government
investment in clean power generation and emission norms is driving
the market towards combined-cycle natural gas and CHP
installations. Steam turbine buyers face logistical issues in
turbine installations, and steam turbine parts require regular
maintenance. The utility segment and geothermal energy segment are
potential growth areas. Power generation plants must balance energy
deficit with clean power generation and adhere to environmental
norms.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This steam turbine market report extensively covers market
segmentation by
- End-user
- 1.1 Utility
- 1.2 Industrial
- Type
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Utility- The steam turbine market is driven by the
widespread use of steam turbines in power generation, particularly
in utility applications. Steam turbines are the primary means of
generating electricity in power plants that utilize steam. The size
and configuration of steam power plants depend on the amount of
steam required for generation. Traditional steam turbines have
historically been fueled by coal, but growing environmental
concerns have led to a shift towards cleaner alternatives. Siemens
Energy is a key vendor in the market, offering a range of steam
turbine packages, including the SST-4000 and SST-9000 series. The
SST-4000 series is a specialized turbine for non-reheat combined
cycle applications, with a power range from 100 to 500 MW. Its
unique blade path design ensures high reliability and availability.
Over 40 units, with a combined capacity of about 8,200 MW, are
already operational or in commissioning phase. The SST-9000 series,
with a power output of up to 1,900 MW, is ideal for conventional
islands of modern pressurized water reactors in nuclear power
plants. Its low-pressure turbines with shrunk-on wheel discs have
been tested over many years, ensuring no stress corrosion cracking
and no need for rotor or wheel disc replacements during the
expected service life. With the increasing use of steam turbines in
power utilities, the steam turbine market is expected to grow
significantly during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Steam Traps Market is expanding due to rising
industrial demand for energy efficiency and maintenance reduction.
The Heat Recovery Steam Generator (HRSG) Market is also growing,
driven by the need for effective waste heat recovery in power
plants, which enhances energy efficiency. Similarly, the Gas
Turbines for the Power Industry Market is experiencing significant
growth, fueled by the shift towards cleaner energy sources and the
need for reliable, efficient power generation. These markets are
influenced by technological advancements and increased focus on
sustainability.
Research Analysis
Steam turbines are essential components in power generation,
converting mechanical energy from a steam source into electrical
energy. They play a significant role in various power plants,
including combined-cycle natural gas and CHP installations,
providing clean power generation and reducing carbon emissions.
With the growing energy deficit and increasing electricity demand,
steam turbines continue to be in high demand for both onsite power
generation and international thermal power projects. The
International Energy Agency reports that global energy consumption
continues to rise, making the optimization of energy use through
steam turbines increasingly important. These generators utilize a
magnetic field to create rotational energy, which is then converted
into electrical energy. Steam turbines have applications beyond
power generation, including water heating and steam engines for
locomotives. However, with stricter emission norms and
environmental regulations, the focus is shifting towards renewable
technologies and cogeneration to reduce the reliance on fossil
fuels and coal-fired power generation.
Market Research Overview
The Steam Turbine Market encompasses the production,
installation, and maintenance of steam turbines used in various
power generation applications. Steam turbines convert mechanical
energy from steam into electrical power, making them a crucial
component in power plants and industrial processes. The energy
deficit worldwide has led to an increased focus on clean power
generation, with steam turbines playing a significant role in
combined-cycle natural gas and CHP installations. Renewable energy
resources, such as biomass, concentrated solar power, and nuclear
steam turbines, are also gaining popularity due to stricter
emission norms and environmental concerns. Industrial applications,
including petrochemicals, sugar plants, refineries, and chemical
facilities, rely on steam turbines for power and heat generation.
Steam turbine parts, logistical issues, and turbine installations
are key considerations for steam turbine buyers. The market
includes both condensing and noncondensing steam turbines, with
high-pressure steam and lower-pressure steam segments. Consistent
power output, steam extraction, and co-generation are essential
features of steam turbines. The market size is significant, with
the International Energy Agency reporting global energy consumption
at over 14,000 TWh in 2019. Electricity prices and demand continue
to rise, making onsite power generation and self-generation
increasingly attractive options for high-energy industrial users.
The market includes various types of steam turbines, including
condensing steam turbines, noncondensing steam turbines, and
nuclear steam turbines, with rated capacities ranging from small
units to large-scale power plants (151-300 MW segment). Combined
cycle systems and sustainable energy networks are driving the
market towards energy-efficient technologies, such as condensing
steam turbines and steam extraction, to meet the growing
electricity demand-supply gap.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Type
-
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/steam-turbine-market-size-is-set-to-grow-by-usd-3-88-billion-from-2024-2028--growing-demand-for-power-generation-boost-the-market-technavio-302205319.html
SOURCE Technavio